Iranian Petroleum Minister Jawad Owji declared on Wednesday that no future U.S. administration could prevent Iran from increasing its oil production and exports.
“With the measures that have been taken in President Raisi’s government in the field of the oil industry, I should announce that any government that comes to power in the US cannot prevent the export and production of Iranian oil,” Owji told Parliament, according to Iranian media.
Over the past three years, Iran has boosted its crude oil production by 1.4 million barrels per day (bpd), the minister reported. During this time, the country initiated 150 oil industry projects valued at $34 billion, as detailed in previous remarks by Owji reported by Shana news service.
The oil industry experienced a 20% growth rate last year, making it the fastest-growing sector of the Iranian economy, Owji stated.
Last month, Owji announced that Iran would soon launch 32 new oil industry projects with a total investment of $4.6 billion.
The country plans to increase its crude oil output to 4 million bpd, according to a report by Tasnim news agency, cited by Reuters. This plan was reportedly approved by an economic council led by Iran’s interim president Mohammad Mokhber.
Despite U.S. sanctions that have limited the market for Iranian oil, Iran has been keen to expand its oil production.
Recent data from Vortexa showed that Iran’s average daily crude oil exports for the first quarter of this year hit 1.56 million bpd, the highest in six years. Last year, Iran’s average daily exports were 1.29 million bpd, a 50% increase from the previous year.
